“起承转合”看上交所“十四五” ——上交所“十四五”改革发展情况回顾

Core Insights - The Shanghai Stock Exchange (SSE) has become the third-largest stock market globally and the largest exchange bond market, emphasizing its commitment to high-quality development and integration into national economic strategies [1] Group 1: Market Development - During the "14th Five-Year Plan" period, the SSE has established a robust system to support high-tech enterprises, with the proportion of technology innovation companies in the Shanghai market increasing from 32% to 41% [2] - The number of integrated circuit companies has nearly doubled compared to the previous five-year period, with 140 companies forming a complete semiconductor chip industry chain [2] - R&D investment in the Shanghai market has risen from 0.64 trillion yuan to 1.07 trillion yuan, a 66% increase, accounting for nearly 40% of the national total [2] Group 2: Financing and Investment - The total financing amount from initial public offerings (IPOs) in the Shanghai market has increased by 16% during the "14th Five-Year Plan" period [3] - The bond market's issuance scale reached 31 trillion yuan, a 42% increase compared to the previous five years, with over 10 trillion yuan in industrial bonds and asset-backed securities (ABS) [3] - The SSE has actively promoted the REITs market, with 51 initial public offerings and 1,405 billion yuan raised, accounting for nearly 70% of the market [3] Group 3: Reform and Corporate Responsibility - The SSE has seen a significant increase in dividend payouts, with a total of 7.32 trillion yuan declared in dividends over the past five years, a 51.2% increase compared to the previous period [4] - The number of companies disclosing ESG reports has reached 57.7%, a 22 percentage point increase since 2020, with 337 companies included in the MSCI ESG rating [5] - The SSE has implemented a multi-faceted delisting mechanism, resulting in 93 companies being delisted, including 70 through mandatory delisting [6] Group 4: Investor Protection and Market Ecology - The SSE has introduced a new company regulatory system to combat fraud and financial misconduct, resulting in nearly 800 disciplinary actions [6] - The average dividend yield in the Shanghai market has approached 2.5% during the "14th Five-Year Plan" period, promoting a culture of multiple dividends per year [6] - The SSE has enhanced investor education and protection mechanisms, conducting over 6,000 outreach activities and producing more than 3,000 educational materials [6] Group 5: Future Outlook - The SSE aims to continue supporting China's modernization and financial strength, focusing on new requirements and tasks in the financial sector [7]